Petronas to sell Prince Court Medical Centre to Khazanah
PETALING JAYA: National oil producer Petroliam Nasional Bhd (Petronas) will be disposing of its 100% interest in Prince Court Medical Centre (PCMC) to Khazanah Nasional Bhd at an undisclosed price.
In a press release yesterday, Petronas said that its wholly-owned subsidiary, Petronas Hartabina Sdn Bhd, has signed a share sale and purchase agreement with Khazanah’s wholly-owned subsidiary Pulau Memutik Ventures Sdn Bhd, to dispose its entire equity interest in PCMC.
Khazanah plans to acquire PCMC at an agreed price comparable to market assessment, which will be payable upon completion of the transaction by the end of second quarter of 2018.
According to Petronas president and group chief executive officer Tan Sri Wan Zulkiflee Wan Ariffin, the stake disposal will allow PCMC to embark on its next phase of growth moving forward.
“Petronas is pleased to witness PCMC’s recent transformation in becoming a self-sustaining and profitable organisation with strengthened financials and solid operational foundation.
“We are confident this transaction will position PCMC to realise its aspiration of becoming the leading healthcare provider in Asia,” he said.
PCMC, which opened to the public in 2007, is a premium private healthcare facility located in Kuala Lumpur with a bed capacity of 270.
Meanwhile, in a separate press release, Khazanah said that the strategic acquisition marks another milestone in its mission to build up the healthcare services sector in Malaysia.
It also said that it will leverage on its experience and expertise to transform PCMC into a world-class medical tourism focused hospi- tal.
In line with the objective, the sovereign wealth fund has entered into a term sheet for a collaboration agreement with IHH Healthcare Bhd for shared services support and operational improvement initiatives at PCMC.
The Main Market-listed IHH, which is 41% owned by Khazanah, will also be given a right of first offer to acquire PCMC during a preagreed period.